Superannuation Payments for Temporary Residents
The Australian Taxation Office (ATO) has altered the way that temporary residents departing Australia claim there superannuation monies. Where the funds are claimed within 6 months of departing Australia, members will continue to claim from the super fund.
The ATO however, will write to super funds who have members who have been gone for over 6 months and require the fund to transfer the member’s benefits to them. Members will then need to apply to the ATO for a Departing Australia superannuation payment (DASP).
This rule applies to temporary residents who have left Australia and whose visa has expired.
It appears that the ATO will identify these people by data matching with the Department of Immigration and Citizenship.
From 1 April 2009, there will also be new withholding tax rates for DASPs. These are:
· 35% for a taxed element of a taxable component
· 45% for an untaxed element of a taxable component.
POSTED: 21-Jan-2009